It's been a long summer for Ethereum bulls, to put it lightly. -DMI crossed above +DMI in early June and has held above it since then, reflecting the prevailing bearish sentiment in the market at the moment. A downward drift in Ethereum's price ensued, as bulls were unable to hold above the $400 level on the weekly chart beginning in early August, when Ethereum closed decisively below it for the first time since the end of March.

A recently agreed upon reduction in Ethereum's miner rewards may abate the selling pressure, though time will tell. Looking ahead, a critical level for bulls to overcome is $400. This price reflects the resistance point from last year's rally that was eventually surpassed in November, prior to the eventual push to all time highs just above $1400. When $400 was breached by bears in late March, bulls reclaimed it and a rally ensued to over $800 by the end of April.

The ADX line is flat at the moment, reflecting the fact that the market is in a sideways price action environment. However, if +DMI can rise above -DMI and hold above it to correspond with a rising ADX line in the future, this would be indicative of a trending move higher and reaffirm bullish dominance on the weekly time frame. The RSI and MACD indicators are also reflecting a possible turning point for Ethereum bulls, as both seem to be on the verge of pivoting higher.